FII plans to invest Rs 1,600 crore ($194.45 million) to build a campus in the Kancheepuram district, near Chennai. The facility will be separate from the current sprawling campus near Chennai where Foxconn assembles Apple's iPhones and employs more than 35,000 people, a source told Reuters earlier today.
The state government, which did not immediately respond to a request for comment, said on LinkedIn on Monday morning a "big announcement" was expected during the day that would mean Tamil Nadu would retain its "top position as India's Electronics Powerhouse."
Reuters reported last week the Foxconn subsidiary was in talks with Tamil Nadu about the investment, with the company aiming for the plant's completion in 2024.
Foxconn's FII makes electronic devices, cloud service equipment and industrial robots. It was not immediately clear if the new India plant would make components for iPhones or for other companies, or both.
Prime Minister Narendra Modi last week said that India is “rolling out the red carpet” for the semiconductor industry, as he invited global semiconductor majors to invest in India.
PM Modi said whosoever comes forward will have a “first mover’s advantage.”
“As India moves forward on the path of reform, new opportunities will be created. India is becoming an excellent conductor for semiconductor investments,” PM Modi said addrespeaking speaking at the inaugural session of ‘SemiconIndia 2023’ in Gandhinagar, Gujarat.
On the first day of the conference, American multinational semiconductor Advanced Micro Devices (AMD) announced it will invest approximately USD 400 million in India over the next five years. The planned investment includes a new AMD campus in Bengaluru that will serve as the company’s largest design and R&D centre. It intends to add about 3,000 new engineering roles by the end of 2028 in India.
Notably, India recently received various investment proposals in the semiconductor ecosystem.
Last month during PM Modi’s state visit to the US, Micron Technology announced it will invest up to USD 825 million to build a new semiconductor assembly and test facility in India with support from the Indian government.
Also, Applied Materials had committed to invest USD 400 million to establish a collaborative engineering centre in India. Lam Research had proposal it will to train 60,000 Indian engineers through its Semiverse Solution virtual fabrication platform to accelerate India's semiconductor education and workforce development goals.
(With agency inputs)
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